US Congress asks Biden to transfer frozen assets of Russia's Central Bank to Ukraine
Democrat Adam Schiff and Republican Brian Fitzpatrick, members of the US House of Representatives, have sent a letter to President Joe Biden calling for the transfer of frozen assets of the Russian Central Bank for military and humanitarian aid to Ukraine.
Source: European Pravda
Details: Congressmen believe that the US president has the authority to confiscate the assets of the Central Bank of the Russian Federation, citing previous precedents, in particular George Bush's allocation of US$1.7 billion of state funds to Iraq to compensate victims of terrorism.
Quote: "At this critical juncture, while each dollar could help make the difference in the outcome of the war, we urge you to use your authority to transfer the billions of dollars of Russian central bank assets frozen pursuant to U.S. sanctions to meet urgent military and humanitarian needs in Ukraine," the letter reads.
Its authors believe that such a step is not only legally justified but would also be "the right thing to do".
Quote: "As Ukrainian Foreign Minister Kuleba stated in a recent panel discussion, ‘The aggressor must pay for all damages caused to Ukraine'. It is clear to the international community who that aggressor is and who should bear the costs of this illegal war – Russia," the congressmen added.
In addition to Schiff and Fitzpatrick, the letter was signed by nine other members of the US Congress from both parties.
Background: The United States has already at least once confiscated and transferred to Ukraine the assets of a Russian subject to sanctions due to violations of the sanctions regime. At the same time, the situation is different with the assets of the Central Bank of the Russian Federation since they belong to the state and not to individuals or legal entities that are under sanctions.
The discussion about how to use the assets of the Russian central bank, as it is known, continues in the European Union. There, they propose to transfer to Ukraine a percentage of the profits received as a result of the use of such assets.
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